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Financial Attributes

A long note about money, Bitcoin, collectibles, Pop Mart, goods, and the financial attributes behind them.

2026-05-25Markets
financebitcoincollectiblesmarkets

Since someone asked about anime goods, and Pop Mart is still very popular right now, with Bitcoin close to 100,000 and gold also moving strongly, I want to talk about what these things have in common: financial attributes, and how they developed over history.

Origin and history: from barter to digital currency

1. The barter era: the beginning of money

In early human society, economic activity mainly depended on barter. For example, people could cut a cow into different parts and exchange them for a certain amount of food. This method met basic trading needs, but it had many problems: (1) Lack of standardization: the value of different goods was hard to compare directly, and everyone had their own judgment standard. (2) Both sides had to need each other's goods at the same time, so one person could not always trade smoothly. (3) Poor storage: some foods could not be kept for a long time, which limited development. Because of these problems, early money appeared. Some items with broad acceptance and easy storage gradually became chosen as a medium of exchange: money.

2. The commodity-money era: the early form of money

Commodity money means using items with intrinsic value as a form of money. During this stage, shells, salt blocks, metals, and other objects appeared as trade currency, marking the early form of money. (1) Shells: because shells were scarce and easy to carry, they were used as money in multiple ancient civilizations, including the Shang dynasty in China. (2) Salt blocks and livestock: in some regions, salt was used as money because of its scarcity and importance, while livestock was an important symbol of wealth in agricultural societies. The rise of commodity money solved some barter problems and provided a trading medium, but it was still not convenient enough, especially in larger or more complex transactions.

3. The metal-money era: standardization of money

As smelting technology improved, precious metals gradually became the main form of money. The key feature of this period was that money began to have unified value and weight. (1) The earliest metal money: around 3000 BCE in Mesopotamia, gold and silver were used by weight in trade. (2) The birth of coins: in the 7th century BCE, the Lydian kingdom in ancient Greece first minted standardized gold and silver coins. Marks were stamped on coins to prove their weight and composition. The widespread use of metal money brought several advantages: (3) Durability: metal does not damage easily and can be stored for a long time. (4) Portability: compared with other commodity money, metal money was easier to carry and trade. (5) Broad acceptance: precious metals were widely recognized because of scarcity and became a common medium for global trade.

4. The paper-money era: the rise of credit

As economic activity expanded, carrying large amounts of metal money became inconvenient, so paper money appeared. (1) Early paper money: the Song dynasty issued jiaozi, which became the world's earliest official paper money. (2) Paper money in Europe: in the 17th century, a Swedish bank issued paper money in the modern sense. Paper money was essentially a promise that the holder could exchange it for an equivalent amount of precious metal. Paper money was light and easy to use, while also giving governments and banks more room for monetary control. However, it also created new problems, such as inflation and credit risk.

5. The credit-money era: from the gold standard to fiat currency

The 20th century was a major turning point in monetary development, marking the rise of credit money. (1) The gold standard: from the 19th century to the early 20th century, many countries used the gold standard, where currency value was directly linked to gold. (2) The establishment of fiat currency: in 1971, the United States ended the convertibility of dollars into gold, and major economies gradually moved toward a pure credit-money system. Fiat currency is backed by government credibility. Its value is no longer tied to physical goods, but depends on economic strength and market confidence. Fiat currency gave modern economies more flexibility, but it also raised concerns about inflation and excessive money printing.

6. The digital-currency era: the future of money

In the 21st century, digital technology created a new form of currency: digital currency. (1) The spread of electronic payments: e-wallets and mobile payments have become the main transaction method in many countries. (2) The rise of cryptocurrency: in 2009, Bitcoin was born as the first decentralized cryptocurrency. Based on blockchain technology, Bitcoin provides a form of money that does not require endorsement from a third-party institution. (3) Central bank digital currencies: examples such as China's digital yuan aim to improve payment efficiency and strengthen control over money circulation. There are also ideas such as BRICS-related currency plans. Digital currency represents a new direction in monetary development and further strengthens globalization and decentralization in money.

Bitcoin's financial attributes

Bitcoin, as a digital currency, came from reflection on the traditional financial system. It represents a new form of financial attributes in the digital age. Since its birth in 2008, Bitcoin has been a global "digital gold" with scarcity, liquidity, store-of-value function, and a decentralized trust mechanism. In this sense, it is a revolution in the field of money.

1. The birth of Bitcoin: a response to the traditional financial system

1. Background: the 2008 financial crisis

Bitcoin was born in 2008, when the global financial system went through a severe trust crisis. The global financial storm caused by the U.S. subprime mortgage crisis exposed deep problems in traditional banks and financial institutions: (1) Excessive leverage: banks used complex financial derivatives to push excessive borrowing, causing risk to spread. (2) Fragile trust: financial institutions depended on rescue from governments and central banks, exposing the risks of centralized systems.

This environment created demand for a decentralized, transparent, and controllable monetary system. In 2008, Satoshi Nakamoto released the Bitcoin white paper and proposed a new monetary system that did not depend on a third-party institution.

2. Original design: a peer-to-peer electronic cash system Bitcoin's core idea was to create a decentralized and trustless peer-to-peer electronic cash system. Through blockchain technology, Bitcoin achieved: (1) A decentralized ledger: no central authority is needed, because distributed nodes around the world maintain transaction records together. (2) Fixed supply: the total amount of Bitcoin is permanently limited to 21 million, reducing inflation risk. (3) Transparency and immutability: all transaction information is publicly recorded on the blockchain, preventing forgery and fraud.

This design directly responded to two core problems of traditional money: excessive dependence on central institutions and opacity in money supply.

2. Bitcoin's financial attributes

From the day it was created, Bitcoin became a strong supplement and challenger to traditional money because of its unique financial attributes.

1. Scarcity: "gold" in the digital age (1) Fixed supply: Bitcoin's total supply is limited to 21 million by algorithm and cannot be changed. This scarcity makes Bitcoin similar to gold. (2) Mining mechanism: Bitcoin is produced through mining, and the production rate is halved about every four years, which further increases scarcity. Scarcity is the core foundation for Bitcoin as money. Because it cannot be issued freely, many people see Bitcoin as a tool against inflation. 2. Liquidity: the advantage of global trading (1) Cross-border transactions: Bitcoin can circulate freely around the world without relying on banks or payment institutions, greatly reducing the cost and time of cross-border payments. (2) Efficient market trading: cryptocurrency exchanges create a market where investors can buy or sell Bitcoin at any time. High liquidity makes Bitcoin a global asset. Its market is not limited to one country or region, but is free-flowing capital across borders. 3. Store of value: a new safe-haven choice Bitcoin's scarcity and decentralization make it increasingly seen as a "digital-age safe-haven asset": (1) Against inflation: in traditional monetary systems, currency can lose value because of over-issuance, while Bitcoin's fixed supply makes it more suitable as a store of value. (2) Resistance to intervention: because Bitcoin is not controlled by any country or institution, its value is less easily affected by geopolitics or economic policy. Although Bitcoin still has large price swings today, as the market gradually matures, its store-of-value function has been accepted by more institutions and individuals. The United States has even listed Bitcoin as part of strategic reserves, and some investors see it as "digital gold." 4. Trust mechanism: decentralization and technical consensus Bitcoin's biggest innovation is redefining trust. (1) Technical trust: through blockchain mechanisms, Bitcoin replaces the traditional dependence on government credibility. Every transaction is verified and recorded by global nodes, keeping the system secure and transparent. (2) Decentralized advantage: without centralized control, the system reduces human intervention and the risk of trust collapse, especially in unstable economies. The trust mechanism is the key difference between Bitcoin and the traditional financial system, and it is also why Bitcoin gained global recognition in a short period of time.

3. Bitcoin's meaning and challenges

1. Meaning for the traditional financial system (1) It may play a supplementary role: Bitcoin does not completely replace traditional money, but it provides a decentralized monetary form, especially as a safe-haven asset in economic crises or high-inflation environments. 2. Challenges

(1) Price volatility: the Bitcoin market is still immature, and its price is strongly affected by speculation, similar to A-shares. (2) Regulatory risk: because Bitcoin is decentralized, many countries have a hostile attitude toward it.

3. Store of value: a new safe-haven choice Bitcoin's scarcity and decentralization make it increasingly seen as a "digital-age safe-haven asset": (1) Against inflation: in traditional monetary systems, currency can lose value because of over-issuance, while Bitcoin's fixed supply makes it more suitable as a store of value. (2) Resistance to intervention: because Bitcoin is not controlled by any country or institution, its value is less easily affected by geopolitics or economic policy. Although Bitcoin has large price swings, as the market matures, its store-of-value function is being accepted by more institutions and individuals, and some investors see it as "digital gold."

The financial attributes of Pop Mart, anime goods, and the game Banana

In the wave of consumer-product financialization, Pop Mart designer toys, anime goods, and virtual items in Banana may look like different categories, but they share common financial attributes. Through scarcity, liquidity, store-of-value function, and trust mechanisms, these products move beyond traditional practical value and become both emotional carriers and investment assets.

1. Common features

1. Scarcity: value recognition created by design

The core financial attribute shared by these products is that marketing strategies give the goods a sense of value. (1) Pop Mart: hidden editions and limited releases create scarcity for blind boxes. (2) Anime goods: signed items, peripheral goods, and limited themed products create scarcity. (3) Banana: rare in-game items are obtained through probability drops or limited-time events.

2. Liquidity: the transformation from consumer goods into investment products

The secondary-market liquidity of these products is an important expression of their financial attributes. (1) Pop Mart: hidden blind-box figures circulate on secondhand platforms such as Xianyu, often at prices several times or even dozens of times higher than the original price. This creates buying behavior driven by trading. (2) Anime goods: in fan communities, some rare goods become trading objects. Limited editions can be resold at high prices, allowing ordinary fans to profit. (3) Banana: virtual items can be bought and sold through in-game trading or external markets such as esports trading platforms. Some rare items are highly sought after for utility and appearance, so their prices fluctuate significantly.

3. Store of value: emotional and financial accumulation

(1) Pop Mart: designer toys are not just decorations. Limited editions and complete sets have stronger appreciation potential. (2) Anime goods: peripheral goods may rise in value in the future because of their commemorative meaning. (3) Banana: rare bananas have room for hype and appreciation.

4. Trust mechanism This is also the biggest problem with these products. Trust can collapse, and the whole thing may turn out to be a bubble.

2. The culture and economy behind financial attributes

1. Irrationalized consumption behavior

Whether it is Pop Mart blind-box opening, anime-goods fan economics, or Banana, these products use people's desire for surprise and achievement. Emotional motivation makes consumers behave irrationally in decision-making, and this irrationality often strengthens the product's financial attributes.

2. Herd behavior and comparison psychology

Community interaction and consensus strengthen scarcity and perceived value. (1) Community: blind-box collectors create a set of value rules through communication and trading, making hidden editions a consensus high-value product. (2) Fan culture: idol-related goods are directly tied to fans, and the value of peripheral goods is often decided among fans. (3) Game ecosystem: the scarcity of game items is decided by player demand and consensus, which pushes the trading market to become active.

Herd behavior amplifies these products' financial attributes, making them not only goods, but symbols of value.

3. Capital operation

Pop Mart's listing, commercial operation of anime-goods brands, and the rise of trading platforms inside Banana all show the important role of capital in shaping financial attributes. (1) Capital expands market scale: after capital enters, these products move quickly from niche culture into public view, increasing market demand. (2) Commercialization strengthens scarcity: limited releases, IP collaborations, and similar strategies further amplify scarcity, making it the core driver of financialization.

The development of designer toys also shows that financial attributes do not belong only to money or traditional financial assets. Any product that can satisfy scarcity, liquidity, store-of-value function, and trust mechanism can move beyond ordinary consumer goods into a broader value field. In the future, when we see new products like this, we do not need to think they are completely absurd. Under the dual force of digitalization and designer-toy culture, this model may become part of the future economy.

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